Without doubt the Nikon V1 has had its detractors, including yours truly. The small sensor is the primary problem, with poorer high ISO performance and an inability to get shallow depth of field compared to a Sony NEX or even a Micro Four Thirds camera. However the camera does have its advantages such as fast AF, solid build, long battery life and an inbuilt EVF. Reviews have shown an ability to take lovely black and white shots and lenses that are very good quality. In other words, actual performance was better than expectations.
At its release price of $899, it showed incredibly poor value against its competition, and now 18 months later, Nikon is still trying to blow them out, even though the updated V2 has been out for a while. Henrys Outlet Centre has them, with the nice 10mm (28mm equiv) f2.8 pancake lens for a very tempting $260. At that price, the camera looks like excellent value, and interestingly the going rate on Henry's eBay store is about $330, so values are actually rising.
The other good thing about the V1 is that it has an identical battery to my D600. This means for only double and a bit for the cost of the battery I can buy a whole camera and lens! Wild! Even with this though, I am king of loath to invest in another system. I already have Sony NEX, Leica M and LTM and Nikon. That's really enough I think.